The "going to Musk exchange" is coming! The market always has funds that don't believe in Musk's "big cake", and Wall Street is customizing ETFs for them.

For every investor who hopes to increase their exposure to the large technology assets owned by the world's richest man, Elon Musk, it seems that Wall Street asset management giants are constantly launching corresponding exchange-traded funds (ETFs) (assets deeply linked with Musk), and even frequently engaging in high-leverage operations. Now, Wall Street is starting to plan products for investors who want to reduce any risks associated with Musk. Although Musk has made significant breakthroughs in cutting-edge technology areas such as electric vehicles, commercial aerospace, artificial intelligence, and satellite communication, some investors are not willing to unconditionally pay the "Musk premium", but rather hope to actively avoid risks related to corporate governance, political risk associations, overvalued estimates, high stock price volatility, and over-reliance on key individuals. As the richest person in the world so far, Musk has achieved things in the past that others thought impossible - creating a commercially viable high-frequency rocket launch business through SpaceX, bringing electric vehicles into the mainstream market through Tesla, and providing internet connectivity infrastructure from space through Starlink. However, some investors doubt whether Musk can really build his "epic" chip-making operation in Austin and achieve his vision of "artificial intelligence, autonomous driving, humanoid Siasun Robot & Automation, and space AI data center super blueprints". It is understood that the emerging ETF issuer Subversive ETFs on Wall Street has submitted documents to launch two exchange-traded funds (ETFs) that may stir up the stock market. These ETFs will track the Nasdaq 100 Index and the S&P 500 Index, while excluding all companies associated with Musk. The trading codes for these two proposed products will be QQNE and SPNE, becoming the latest example of the ETF industry slicing up more widely exposure to the market with increasingly specific investment views. These application documents continue a years-long competition: packaging almost all views on Musk into tradable ETF stock market products. Investors can now buy leveraged ETF funds that amplify the ups and downs of Tesla's stock, as well as newly launched leveraged funds tied to SpaceX; until recently, there was even an ETF with the direct name ELON, which both longed Tesla and shorted traditional automakers like Ford. The new products will allow investors to hold almost the entire benchmark index while expressing a specific view on one person. In fact, they turn a passive index fund into an active investment view on a specific person. Some investors in the market are skeptical of Musk, so Wall Street ETF issuers are starting to restructure indices to meet their needs. This niche investment industry was originally built on low-cost broad-based index investments, but is increasingly evolving into ETF asset management businesses built around personalized investment. As demand for niche products in the market surges, issuers are rushing to launch funds that not only track the market, but also express investors' increasingly specific views on individual companies, corporate executives, and investment themes. "The 'Musk ETF' allows the exposure to indexes to be re-divided into companies not directly related to Musk, allowing investors to avoid the high valuation, governance issues, political risks, and more volatile stock price fluctuations associated with Tesla and SpaceX," said Jeffrey Frutta from the prominent Wall Street financial institution Morningstar. Passive investment is also beginning to take a stance: when the "Musk premium" encounters distrust, Wall Street is launching anti-Musk ETFs. QQNE plans to exclude Tesla and SpaceX from the Nasdaq 100 Index; SPNE currently plans to exclude Tesla from the S&P 500 Index, and also plans to exclude SpaceX after its inclusion in the future. The fund application documents clearly list potential governance concerns, political risks, higher valuation, and more volatile stock price fluctuations as product attractions, while also acknowledging that if companies like Tesla and SpaceX, which are excluded, continue to outperform the market significantly, these ETF funds may lag behind the original benchmark index. This latest market trend reflects the macro investment theme of passive investment being reshaped by "opinionating" and "personalizing". After SpaceX quickly entered the Nasdaq 100 Index following its IPO, JPMorgan estimated that this could trigger about $4.3 billion in passive buying pressure; this means that many index fund holders will passively hold the stock even if they do not agree with its valuation, governance structure, or Musk himself. "Anti-Musk" ETFs then re-divide this unavoidable index exposure, upgrading the investment judgment originally based on company fundamentals to a tradable expression of founder reputation, political behavior, and key person risks. The true significance of this is not to prove that the market has already rejected Musk, but that Wall Street is starting to provide tools for the fine-tuned demand of "I am bullish on large U.S. tech stocks, but unwilling to take on Musk-related risks". These products are more like risk budgeting tools than bets against Musk. For investors who place high importance on governance stability, political neutrality, or risks related to a single individual, it can reduce the impact of Tesla and SpaceX events on their portfolios. However, the cost may include management fees, tracking errors, lower liquidity, and missed gains from these stocks. The specific fees in the current application documents have not been determined, and the funds have no real performance record, so what investors really need to compare is not whether they "like or dislike Musk", but whether the risk reduction after excluding these stocks can cover the costs and potential opportunity costs. Indeed, Musk's historic achievements in the technology field that are enough to be recorded in the history of human society can be respected, but the capital market will not exempt him from judgment on valuation realization, corporate governance, and cash flow returns; the so-called "anti-Musk" trades essentially quantize the personal adoration/delayed sentiment into quantifiable risk assets exposure.